REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM






Board of Directors
Nittany Financial Corp.

We  have  reviewed  the  accompanying  consolidated  balance  sheet  of  Nittany
Financial Corp. and its  consolidated  subsidiaries as of June 30, 2004, and the
related  consolidated  statements  of income for the  three-month  and six-month
periods ended June 30, 2004 and 2003, and the consolidated  statement of changes
in  stockholders'  equity for the  six-month  period ended June 30, 2004 and the
consolidated  statement of cash flows for the  six-month  periods ended June 30,
2004 and 2003. These consolidated financial statements are the responsibility of
the Company's management.

We conducted  our review in  accordance  with  standards  of the Public  Company
Accounting  Oversight  Board  (United  States).  A review of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with the  standards  of the  Public  Company  Accounting  Oversight  Board,  the
objective  of which is the  expression  of an opinion  regarding  the  financial
statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the  accompanying  financial  statements for them to be in conformity
with accounting principles generally accepted in the United States of America.

We have  previously  audited,  in  accordance  with the  standards of the Public
Company  Accounting  Oversight Board (United States),  the consolidated  balance
sheet as of December  31,  2003,  and the  related  consolidated  statements  of
income,  changes in stockholders' equity, and cash flows for the year then ended
(not presented herein);  and in our report dated January 9, 2004 we expressed an
unqualified opinion on those consolidated financial statements.


/s/S.R. Snodgrass, A.C.


Wexford, PA
July 16, 2004